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The 7 Best Investment Apps of 2020

Are you ready to start investing via your smartphone? When I bought my first stock over 20 years ago, I never imagined a day where you could buy and sell stocks on your phone. Technology is amazing and gives investors unlimited access to some of the world's best companies at our fingertips.

Some old school investors shun the digital advancement of investment apps but you don't know what you're missing! Apps provide up to date stock market analysis and tips that most people won't get from their desktop. You can comb through hundreds of stocks within minutes plus react to important market news in realtime. No more worrying about running to your laptop or calling your broker.

Ya dig? Let's go over the best investing apps this year and I'll share my 2 cents about each app.

Best Investing Apps of 2020

AppRecommended for…
RobinhoodStock & crypto traders
FidelityRetirement investors
WebullActive traders
StashBeginner investors
AcornsBeginner ETF investors
WealthfrontPassive investors
M1FinanceLong term passive investors

1. Robinhood

Summary

  • Investment Types: NASDAQ & NYSE stocks/ETFs and cryptocurrencies
  • Account Minimum: $0
  • Availability: iOs and Android
  • Cash balance APY: No interest
  • Countries: USA and UK investors
  • Cost: Free ($5 for Robinhood Gold)
  • Minimum Transfer: $0
  • Best for: Millenials who want to buy and sell stocks

Robinhood is one of my favorite investment apps that I use on a daily basis. The company revolutionized the financial industry by offering free stock trading commissions along with zero account minimums and no hidden fees.

How It Works

The app is easy to download and makes buying and sell stocks very easy. Robinhood also supports options trading, margin trading, and cryptocurrencies.

Pricing & Fees

Free trading with no minimums. Extra features are available to Robinhood Gold members for $5 a month.

Premium Features

If you want to trade on margin and increase your deposit limits, then upgrade to Robinhood Gold for just $5 per month. Gold members get additional perks like faster customer support and advanced charting tools.

Pros

  • Free stock, options & cryptocurrency trades
  • No account miminums
  • Fast instant deposits up to $1,000 (Higher for Robinhood gold)
  • Ease to use app interface
  • Good watchlist feature
  • Supports fractional shares
  • Dividend reinvestment plan (DRIP)

Cons

  • No account beneficiary option upon death
  • No live 24/7 phone customer service
  • No retirement accounts
  • No OTC stocks
  • No interest bearing cash account

Bottom Line

Robinhood is my favorite online stock trading app and I use it everyday. Highly recommended.

Open a Robinhood account now and get a free share of stock or Read the full Robinhood Review


2. Fidelity

Summary

  • Investment Types: Stocks, ETFs, Bonds, Mutual Funds, and Index funds
  • Account Minimum: $0
  • Availability: iOs and Android
  • Countries: USA and International investors
  • Cash balance APY: 1.30%
  • Cost: Free stock & options trades ($0.65 per options contract)
  • Minimum Transfer: $10
  • Best for: Experienced investors who want to invest for retirement

Fidelity is my favorite app for retirement investing and more long term investing strategies. It's more flexible than Robinhood and offers a lot more benefits & services.

How it Works

If you want to open a traditional IRA, Roth IRA, SEP IRA or transfer your 401k then Fidelity is an excellent choice. They offer zero fee index funds, which is a great choice for investors who prefer to own the whole market rather than choose specific stocks.

Pricing & Fees

Free stock trades with no minimums.

Premium Features

None

Pros

  • Free stock trades
  • 24/7 live phone customer support
  • Access to Fidelity zero fee index funds
  • Ease to use mobile app
  • Supports fractional shares on mobile app

Cons

  • Cannot contribute to IRA account through mobile app
  • No cryptocurrency trading

Bottom Line

Along with 24/7 customer service and a wide range of investment products, I feel Fidelty is my favorite full service broker and their trading app is easy to use and works good.

Open a Fidelity account now


3. Webull

Summary

  • Investment Types: NASDAQ & NYSE stocks/ETFs
  • Account Minimum: $0
  • Availability: iOs and Android
  • Cash balance APY: No interest
  • Countries: USA UK investors
  • Cost: Free
  • Minimum Transfer: $0
  • Best for: Stock traders

Wellbull is a well known alternative to Robinhood for buying stocks for free. I just started using the app long enough to share my thoughts. The app offers a lot more technical information that day traders will find useful.

The mobile app looks great plus you can track US, crypto and global markets all in one place. Trading stocks is a breeze but the app doesn't support fractional shares.

Click Here to Start Investing with Webull Today!


4. Stash

Summary

  • Investment Types: Popular NYSE & NASDAQ stocks, ETFs
  • Account Minimum: $0
  • Availability: iOs and Android
  • Cash balance APY: Yes
  • Countries: USA
  • Cost: $1 for accounts under $5k or 0.25% for accounts over $5k
  • Minimum Transfer: $5
  • Best for: Beginner investors who want to buy fractional shares of major companies
Stash Invest App

Stash is my favorite fractional share app for buying small portions of expensive stocks like Amazon and Alphabet (GOOG). The mobile app is fast and easy to use with a good interface.

How It Works

The whole concept is to automatically transfer money from your checking to your stash every week or month and invest the money into stocks or ETFs. You can buy fractional shares of most major companies (Apple, Amazon, Netflix) for free.

Pricing & Fees

Stash charges a $1 monthly fee for accounts under $5,000 or 0.25% for accounts over 5k.

Pros

  • Invest with just $5
  • Easy to use mobile app with historical stock performance info
  • Earn stock back from purchases using your Stash Visa debit card
  • Autostash feature builds up your savings on autopilot

Cons

  • Monthly fees based on account size
  • Only can choose from a limited number of stocks
  • No index funds

Bottom Line

Stash is a modern day alternative to traditional banks and investment brokers. For a more in-depth review, check this out: Read the Full Stash Invest Review.

Click Here to Start Investing with Stash Today and get a free $25 signup bonus!


5. Acorns

Acorns investing app

Summary

  • Investment Types: 5 ETF blends from conservative to aggressive
  • Account Minimum: $0
  • Availability: iOs and Android
  • Cash balance APY: No interest
  • Countries: USA
  • Cost: $1 for basic account/$2 for retirement/ $3 for retirement + ATM card
  • Minimum Transfer: $5
  • Best for: Beginner investors who want to invest in low cost ETF funds

Acorns is a cool investing apps that's a bit different from the rest. NBA star Kevin Durant along with other celebes use this investing app and it's good for passive investors.

How it Works

It works as a robo adviser by automatically investing your money in weighted investment fund. You can automatically transfer money to your account reguarly or invest “round ups” (the difference of your credit card purchases rounded up to $1). For example, if you purchase a coffee for $4.50, Acorns will take the remaining 50 cents and invest it for you.

Acorns tracks your purchasing habits and offers bonus money if you buy a particular service. You don't have as much control and cannot buy individual stocks or ETFs.

Pricing & Fees

  • $1 per month for basic accounts
  • $2 per month for retirement accounts
  • $3 per month for accounts linked with your Acorns debit card

Pros

  • Low fees for getting started
  • Earn found money by receiving cashback from merchants like Nike and AirBNB
  • Invest in 5 different ETF allocations (from conserative to aggressive growth)
  • Setup auto recurring investments to put your investing on autopilot

Cons

  • No stocks

Click Here to Start Investing with Acorns Today!


6. Wealthfront

Wealthfront is another robo-advisor that tracks your investments and helps you plan for retirement through regular automated transfers. Earn a high interest yield on your money and use their advisory service for a hands-off investing approach.

The downsides are no phone customer service and a $500 minimum to invest in their robo-advisor. Right now, I'm using their 2%+ high yield savings to earn interest on my money.


7. M1Finance

M1Finance is a free roboadvisor investment app for passive investors who want to build a portfolio fo their favorite companies.

How it Works

Unlike most investing apps, you create a “pie” made up of your favorite stocks & ETFs and M1 automatically balances your portfolio for you.

M1Finance offers fractional shares along with margin trading and checking account spending under the same app. These features separate them from all other apps, making them a good choice for long term passive investors.

The app is not ideal for day and swing traders because M1 has only 1 trading window per day. It's a better fit for dollar cost average investors or passive investors who aren't trying to time the markets.

Cons

  • $100 account minimum
  • No DRIP plan for dividend investors

M1finance instead waits until your dividends reach $10 then reinvests them equally in your “pie”.

Click Here to Start Investing with M1FinanceToday!

Which Investing App is right for you?

It really depends on your invest goals and risk tolerance. Each of the apps listed above provide you different ways to invest your money and grow your wealth. It's up to you to choose which one works best.

I personally enjoy signing up for each investment app on the marketplace and try using it myself. I simply add more money to the apps I enjoy the most while disregarding the less useful ones.

If you don't have enough time or money to try them all, then here's a quick recommendation guide:

  • For Beginner Investors: Try Robinhood & Stash
  • For College Students: Try Robinhood & Fidelity
  • For Experienced Investors: Try M1finance

Don't Have Money to Invest? Try These Money Saving Tips

When I first started using investment apps in May 2019, I didn't have a lot of money to invest. Surveys show 55% of Americans don't invest at all because they believe you need a lot of money or they have very little savings. Here's a few powerful tips to solve your savings problem and increase your investment bankroll:

  • Track every penny you spend: Track your spending and see exactly where your money goes. I use Mint to track my expenses. You will find several money sucking habits that you can quit and replace with investing habits.
  • Pay yourself first: Always take a percentage of your income and send it to your investment accounts before you pay your bills. Learn how to live off of what is left after you invest. Paying yourself first is what separates the rich from the poor. The Richest Man in Bablyon is a classic book and explains this concept in great detail.
  • Quit Drinking & Smoking: Not only is it good for your health, but it is much better for your investment accounts. When I quit drinking & going out to nightclubs, I saw an immediate increase in my investment performance. I had so much more money to stash away plus I wasn't suffering from hangovers anymore.

Beginner Tips to Growing Your Investment Accounts

  • Invest in what you know: The best investments are easy to understand and follow when companies post quarterly results. I tend to invest in tech & fintech companies because I understand the businesses really well. Invest in companies that make sense to you.
  • Automate Your Investments: Most of these apps have weekly/monthly automated transfer s available. Use this feature because you might forget to invest on a regular basis. Automating everything lets your investments grow on autopilot.
  • Set big investment goals and track your progress: Set a big goal like $10,000 or $1 million dollar portfolio then track your progress towards your goal. You can keep track of your numbers using a personal journal or even start a blog. If you like making videos, then Youtube is a cool way to track your progress. I use Google Sheets for tracking stuff .

Post Your Favorite Investment App in the Comments Section Below

Have you used any of these apps before? Post your thoughts in the comments section below.

Did I forget to mention any good investing apps? If so, please post them below. Thanks!

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